Late in 2015, Congress passed a bill regarding “Qualified Charitable Distributions” that is of great benefit to many retirees. Here’s how it works:
If you’re age 70½ or older and own an IRA, you are familiar with the Required Minimum Distributions that must be taken from your account each year. These distributions are almost always taxable and, in fact, that’s the whole idea. According to the tax law, it’s time to start paying taxes on some of the money inside the IRA; money that has been tax-deferred for many years, perhaps even decades.